The decline from 1.2654 high is taking the shape of a five-wave impulse pattern. The price seems to be in wave iv of the sequence and the corrective wave iv unfolded as a triangle.
According to Elliott Wave theory, a triangle usually precedes the last swing of a sequence. If this count is correct, the price should extend lower to complete wave v of the impulse.
What's your view on USDCAD? Let me know in the comment.
Thanks for reading!
According to Elliott Wave theory, a triangle usually precedes the last swing of a sequence. If this count is correct, the price should extend lower to complete wave v of the impulse.
What's your view on USDCAD? Let me know in the comment.
Thanks for reading!